Jane, as with previous answers, I encourage you to consult with an experienced mortgage professional about your plan to buy your first home. An experienced mortgage professiional will be able to consult with you after reviewing your personal and financial picture and recommend solutions. A typical solution for a first time buyer is FHA mortgage financing. The benefits of FHA mortgage financing include at least 3% down payment, allows for blemished credit history, competitive rate and terms and it is assumable by someone else in the future.

Mortgage calculators, unlike a "live" mortgage professional, do not know other questions to ask you to determine if there are other considerations and compensating factors to help identify solutions to help you.

You should go to a mortgage loan officer at a local bank and find out exactly what you would qualify for. Most realtors require a pre-approval letter anyway, so they don't have to waste time showing homes to people who can't afford them. Also, Illinois currently has a good incentive program for first time home buyers. You can pick the information up at most banks or real estate offices.